A cooldown amid record heat? US rejects duties on Russian fertilizers, EU softens sanctions on Russian banks (Food Ingredients)
Food Ingredients published an article stating that some recent moves give food markets some optimism. The US International Trade Commission (ITC) has rejected duties on urea ammonium nitrate fertilizers from Russia, alleging that they don’t harm US producers. The EU is unfreezing funds from major Russian banks that assist the global trade of fertilizers and food. With Europe being so dependent on Russia’s gas, a key ingredient for the production of fertilizers, any alternative in the fertilizer market would be a panacea for the agri-industry. According to IFPRI, the EU’s restrictions on fertilizers are at historic highs, mainly accounting for the trade restrictions with Russia. EU countries limit the trade of 20 percent of the imports of nitrogens, 13 percent of phosphates, and 38 percent of potash.